DraftKings Inc. $DKNG Shares Sold by Carnegie Investment Counsel

Carnegie Investment Counsel cut its position in DraftKings Inc. (NASDAQ:DKNG) by 66.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,400 shares of the company’s stock after selling 22,700 shares during the period. Carnegie Investment Counsel’s holdings in DraftKings were worth $246,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Dagco Inc. purchased a new stake in shares of DraftKings during the 4th quarter worth $26,000. Asset Dedication LLC purchased a new position in DraftKings in the third quarter valued at $37,000. Montag A & Associates Inc. raised its stake in DraftKings by 82.5% in the fourth quarter. Montag A & Associates Inc. now owns 1,106 shares of the company’s stock valued at $38,000 after buying an additional 500 shares in the last quarter. Aventura Private Wealth LLC acquired a new position in shares of DraftKings during the 4th quarter worth about $39,000. Finally, SHP Wealth Management acquired a new position in shares of DraftKings during the 4th quarter worth about $42,000. 37.70% of the stock is currently owned by institutional investors and hedge funds.

DraftKings Trading Down 4.7%

DKNG opened at $25.21 on Wednesday. The firm has a market cap of $12.51 billion, a price-to-earnings ratio of 420.17 and a beta of 1.65. DraftKings Inc. has a 52 week low of $20.46 and a 52 week high of $48.78. The business’s 50 day moving average is $25.80 and its two-hundred day moving average is $26.30. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.03.

DraftKings (NASDAQ:DKNG) last posted its quarterly earnings data on Friday, May 8th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.02). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.63 billion. DraftKings had a net margin of 0.93% and a return on equity of 13.51%. DraftKings’s revenue was up 16.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) earnings per share. On average, research analysts predict that DraftKings Inc. will post 0.59 EPS for the current year.

Insiders Place Their Bets

In related news, Director Woodrow Levin sold 34,234 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $25.71, for a total transaction of $880,156.14. Following the completion of the sale, the director owned 29,820 shares in the company, valued at $766,672.20. This represents a 53.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R Stanton Dodge sold 62,500 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $29.68, for a total transaction of $1,855,000.00. Following the transaction, the insider directly owned 556,258 shares in the company, valued at $16,509,737.44. The trade was a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,596 shares of company stock worth $2,756,991 over the last ninety days. Corporate insiders own 47.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on DKNG shares. Wedbush started coverage on DraftKings in a research report on Friday, April 24th. They set an “outperform” rating on the stock. Raymond James Financial raised DraftKings from a “market perform” rating to an “outperform” rating in a report on Friday, April 24th. Scotiabank upgraded shares of DraftKings to an “outperform” rating in a research note on Friday, April 24th. Stephens assumed coverage on shares of DraftKings in a research report on Friday, April 24th. They issued an “overweight” rating on the stock. Finally, Guggenheim reiterated a “buy” rating and set a $35.00 price target on shares of DraftKings in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.46.

DraftKings Profile

DraftKings Inc is a leading digital sports entertainment and gaming company specializing in daily fantasy sports, sports betting and iGaming products. The company provides an integrated platform where users can participate in daily fantasy contests, place wagers on professional sports events, and enjoy a range of online casino-style games. DraftKings’ proprietary technology supports real-time odds, live scoring and advanced analytics to enhance the user experience across mobile and desktop applications.

Founded in 2012 by co-founders Jason Robins, Matthew Kalish and Paul Liberman, DraftKings began as a daily fantasy sports provider and rapidly expanded into regulated sports betting following legislative changes in the United States.